AO Irkutskenergo

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Irkutskenergo is Russia's second largest regional electric utility, serving the Irkutsk region. It possesses generating capacity of 13,000-MW, mainly in hydro power plants. It was corporatized in 1992 and privatized in 1993, although RAO EES Rossii has no shareholding. Future plans include a $1.5bn project for the construction of 2,800km of transmission lines to export power to China. (Possible participation of the World Bank via a loan is in negotiation). Due a court decision, a 40% stake in Siberia-based energy utility Irkutskenergo was transferred to the federal government and regional authorities. Irkutskenergo is the only power utility in Russia whose power facilities are not managed by RAO EEhS Rossii That makes its electricity the cheapest in the country as it does not have to pay to RAO EEhS. The Supreme Arbitration Court has ruled that the stake belonged to the State Property Ministry, but allowed the Irkutsk regional property department to own, but not sell, around half of the stake. Irkutskenergo controls all generation, transmission and distribution in Irkutsk region, which has a population of 2.8 mil people. In April 2000, a lower court ruled that 20% would go to the federal government while the regional government should own remaining 20%. Irkutskenergo has charter capital of Rb4.77 bil. In August 2009, EuroSibEnergo increased its stake in power utility Irkutskenergo to 50.19% from 22.78%. As of Dec. 31, 2009, the major shareholders were EurosibEnergo (50.19%), the Russian government (40%) and other investors (9.81%). At the end of 2010 the shareholders structure remained the same.